Shares of the world’s largest bitcoin fund, Grayscale Bitcoin Trust , hit a record high discount rate of nearly 50% relative to the price of bitcoin on Thursday.
GBTC is a way for investors to gain exposure to bitcoin through a traditional investment vehicle. GBTC was trading at a discount rate of 47.3%, according to“The fact that Grayscale’s Bitcoin Trust is now trading at nearly 50% discount is just awful for holders of GBTC. It really highlights the vast differences in structure quality between different investment vehicles,” Bradley Duke, co-CEO at ETC Group, said in a note to CoinDesk.
Bearish sentiment surrounding the trust deepened over the last few weeks as fears surfaced that crypto trading firm Genesis Global Trading, which is owned by Grayscale’s parent company, Digital Currency Group , could file forFollowing the collapse of crypto exchange FTX, Genesis Global Trading announced on Nov. 16 that it would
LedesmaLyllah Nobody needs this except the ones who speculate on a spot etf conversion that would skyrocket the price to parity.
LedesmaLyllah What does that mean for people holding GBTC?
LedesmaLyllah Seems like Grayscale needs to lower their management fee or sell some of their bitcoin to make the discount drop.
LedesmaLyllah Can anyone explain the steep discount? What’s going on?
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